Why a 19th century neighborhood in Chicago was just named the hottest in the US for 2016

West Cortez Street in Ukrainian Village, Chicago, the hottest neighborhood in the US.David Hilowitz/flickr
If you're in the market for a home, you may want to consider Ukrainian Village — a subdued Chicago neighborhood adorned with brick and stone housing from the late 19th century.

"While surrounded by better-known neighbors, Ukrainian Village is becoming a destination in its own right," Meyer tells Business Insider. "It has significant architecture, including some beautiful Ukrainian Orthodox churches. The main strip, Chicago Avenue, is also developing commercially — it's becoming popular for its nightlife and restaurant scene, and that wasn't the case five years ago."

While Ukrainian Village is competing with these hot spots, it's generally more affordable and not as densely populated, Meyer says, which gives it a leg up.

The 2015 median sales price for homes in the neighborhood was $472,000, and houses are typically on the market for 22 days, Redfin found.

Another major appeal of the neighborhood is its character and charm, which homebuyers are starting to prioritize more and more, Redfin noted in its report.

Much of Ukrainian Village is landmarked, which is why so many late 19th century brick flats and workers' cottages have been preserved.

This three bed, two bath in Ukrainian Village is listed for $349,900.Redfin.com
"You'll find a lot of all-brick buildings where there are two residences, one on top of the other," explains Meyer. "This architectural style takes advantage of Chicago's long, narrow lots, and has become iconic not just for Ukrainian Village, but for the entire city.

"Because of the historical designation, developers in the area mostly choose to gut the interior of these buildings to create a single family home. This strategy can have a strong return on investment while maintaining the historic façade of the neighborhood."